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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Total stock-based compensation cost recognized for the three months ended March 31, 2024 and March 31, 2023 was $6.3 million and $6.0 million, respectively. The total income tax benefit recognized in the consolidated statements of operations from stock-based compensation expense for the three months ended March 31, 2024 and March 31, 2023 was $1.2 million and $1.0 million, respectively.
Restricted Stock Awards
The following table summarizes information about restricted stock awards for the three months ended March 31, 2024:
Restricted StockNumber of SharesWeighted Average
Grant-Date
Fair Value
Balance at January 1, 2024414,623 $114.02 
Granted86,523 173.18 
Vested(21,092)112.02 
Forfeited(6,690)128.70 
Balance at March 31, 2024473,364 $124.71 
As of March 31, 2024, there was $43.9 million of total unrecognized compensation cost arising from restricted stock awards. This cost is expected to be recognized over a weighted average period of 3.3 years. The total fair value of restricted stock vested during the three months ended March 31, 2024 and March 31, 2023 was $3.7 million and $2.1 million, respectively.
Performance Stock Awards
Performance stock awards are subject to performance criteria established by the Compensation and Human Capital Committee of the Company’s Board of Directors prior to or at the date of grant. The performance stock awards are earned based on achieving certain revenue, Adjusted EBITDA Margin, Return on Invested Capital and Total Recordable Incident Rate targets. Performance stock awards include continued service conditions through vesting.
The following table summarizes information about performance stock awards for the three months ended March 31, 2024:
Performance StockNumber of SharesWeighted Average
Grant-Date
Fair Value
Balance at January 1, 2024181,284 $114.10 
Granted77,476 172.76 
Vested(19,589)104.31 
Forfeited(1,275)127.75 
Balance at March 31, 2024237,896 $133.94 
As of March 31, 2024, there was $7.4 million of total unrecognized compensation cost arising from performance stock awards deemed probable of vesting. The total fair value of performance awards vested during the three months ended March 31, 2024 and March 31, 2023 was $3.7 million and $7.8 million, respectively.